In the following two independent cases, the company closes its books on December 31: 1. Marin Inc. sells $1.91 million of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The bonds' due date is September 1, 2023. The bonds yield 10%. 2. Headlands Ltd. sells $6.50 million of 9% bonds on June 1, 2020. The bonds pay interest on December 1 and June 1. The bonds' due date is June 1, 2024. The bonds yield 8%. On October 1, 2021, Headlands buys back $1.30 million worth of bonds for $1.55 million, including accrued interest.